Oil & Gas: Refining, Independent and Major Integrated Report

January 09, 2012

Buy ($175)

Topics covered: Refining Crude Price Differentials, Narrower Trading Range for Oil and Gas, Frontier Exploration and Development, Capital Expenditures and Consolidation Activity

Companies covered: General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Bryn Mawr Bank Corporation (NASDAQ:BMTC), Webster Financial Corporation (NYSE:WBS), People's United Financial, Inc. (NASDAQ:PBCT), New York Community Bancorp Inc, M&T Bank Corporation (NYSE:MTB), Dime Community Bancshares, Inc. (NASDAQ:DCOM), Cardinal Financial Corporation (NASDAQ:CFNL), Virginia Commerce Bancorp Inc., U.S. Bancorp (NYSE:USB), United Bankshares, Inc. (NASDAQ:UBSI), Sandy Spring Bancorp, Inc. (NASDAQ:SASR), PNC Financial Services Group, Inc. (The) (NYSE:PNC), Eagle Bancorp, Inc. (NASDAQ:EGBN), Capital One Financial Corporation (NYSE:COF), Popular, Inc. (NASDAQ:BPOP), Beneficial Bancorp, Inc. (NASDAQ:BNCL), Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), S&T Bancorp, Inc. (NASDAQ:STBA), Provident Financial Services, Inc (NYSE:PFS), Investors Bancorp, Inc. (NASDAQ:ISBC), Hudson City Bancorp, Inc. (NASDAQ:HCBK), Fulton Financial Corporation (NASDAQ:FULT), First Niagara Financial Group Inc. (NASDAQ:FNFG), First Commonwealth Financial Corporation (NYSE:FCF), Community Bank System, Inc. (NYSE:CBU), Bar Harbor Bankshares, Inc. (AMEX:BHB), Viewpoint Financial Group, United Financial Bancorp, Inc. (NASDAQ:UBNK), Tower Bancorp Inc., TFS Financial Corporation (NASDAQ:TFSL), The Bancorp, Inc. (NASDAQ:TBBK), State Bancorp Inc., Signature Bank (NASDAQ:SBNY), Rockville Financial Inc., Oritani Financial Corp. (NASDAQ:ORIT), OceanFirst Financial Corp. (NASDAQ:OCFC), Northfield Bancorp, Inc. (NASDAQ:NFBK), Kearny Financial (NASDAQ:KRNY), Flushing Financial Corporation (NASDAQ:FFIC), Meridian Bancorp, Inc. (NASDAQ:EBSB), Bancorp Rhode Island, Inc., Exxon Mobil Corporation (NYSE:XOM), Talisman Energy Inc. (NYSE:TLM), Pioneer Natural Resources Company (NYSE:PXD), Petroleo Brasileiro S.A.- Petrobras (NYSE:PBR), Occidental Petroleum Corporation (NYSE:OXY), Newfield Exploration Company (NYSE:NFX), Noble Energy Inc. (NYSE:NBL), Murphy Oil Corporation (NYSE:MUR), Marathon Oil Corporation (NYSE:MRO), Hess Corporation (NYSE:HES), Forest Oil Corp., EOG Resources, Inc. (NYSE:EOG), Encana Corporation (NYSE:ECA), Devon Energy Corporation (NYSE:DVN), Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), Canadian Natural Resources Limited (NYSE:CNQ), BP p.l.c. (NYSE:BP), Anadarko Petroleum Corporation (NYSE:APC), Apache Corporation (NASDAQ:APA), Harmony Gold Mining Company Limited (NYSE:HMY), Camden National Corporation (NASDAQ:CAC), Evans Bancorp, Inc. (NYSEAMERICAN:EVBN)